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Search Results 0 to 49 of about 77 (some duplicates have been removed)
and president obama. darren gersh has the latest. >> reporter: the president is still pushing to wrap up a deal on the fiscal cliff before christmas and just in case anyone missed that point, he visited a toy factory to urge congress to avoid raising taxes on the middle class. >> that's sort of like the lump of coal you get for christmas. that's a scrooge christmas. a typical middle-class family of four would see their income taxes go up by about $2,200. >> reporter: t psidents oposg to raise taxesy $1.6 trillion, while cutting spending by $400 billion. on top of that, mr. obama asked for $50 billion more for infrastructure spending and $140 billion to extend unemployment insurance benefits and the payroll tax cut. republicans literally laughed it off. >> they want... they want to have this extra spending that's actually greater than the amount they're willing to cut. i mean, it's... it's... was not a serious proposal. and so, right now, we're almost nowhere. >> reporter: across the capito republican senate leader mitch mcconnell told the "wall street journal" his party would be willing to brin
like a small change, but, as darren gersh reports, it could have a big impact. >> reporter: if the price of oranges goes up, consumers will buy apples and other cheaper foods. we know that. economists call that switching "substitution," but that change in bevior doesn't show up in the official inflation rate. so most economists think the current consumer price index overstates the actual cost of living. that's important because the inflation rate is used to set tax brackets and social security benefits. moving to a more accurate inflation measure called the "chained c.p.i." would cut the deficit by $200 billion over ten years. supporters say the change wouldn't cut benefits. >> if we're making the change to reflect what is the real cost of living, as opposed to a different one, then you are not reducing them; you're just truing up what you should be getting. not something that-- i hate to use the term-- that might be inflated beyond what it should have been. >> reporter: this so-called technical fix will shave a quarter of a percentage point off social security's annual cos
insiders expect to find much clarity from washington in the coming weeks. darren gersh, nbr, washington. >> susie: investors will beor mn those fiscal cliff talks, and they will also be studying tomorrow's importa")jé:0@6cj& but josh feinman says the november numbers won't give an accurate picture of the labor market. he's chief economist at d.b. advisors. >> reporter: hi, josh, so you're talking about distortions in that report. tell us more. >> yes, hi, susie. i think that the hurricane sandy may distort the numbers. we've seen it in some of the othehigh frequency data in the last couple of weeks. keep in mind tomorrow's labor market report will report on a snapshot of the labor market taken in the middle of last month. and that's when the hurricane and its aftermath were having their effects. >> so the consensus numbers from a survey of economists, they're expecting american businesses added 110,000 jobs it to their payroll. the unemployment rate staying around 7.9%. does that sit right with you. is that what you are seeing? >> probably somewhere around that maybe a little less. one
the talks. plenty of outside groups are offering up suggestions. and as darren gersh reports, they include warren buffett and some other big names in finance. >> reporter: there was some public movement in the fiscal cliff standoff today. instead of holding dueling press conferences, republicans and democrats traded barbs on the house floor. >> where are the president's spending cuts? the longer the white house slow- walks this process, the closer our economy gets to the fiscal cliff. >> reporter: behind the scenes, progress is being made, but democrats are still arguing they've given ground in previous budget battles. that's one reason they are holding firm on higher taxes now. >> $1.6 trillion in cuts. "where are the cuts?" they are in bills that you, mr. speaker, he voted for. >> reporter: and there were new calls for more tax revenue today. warren buffett, vanguard founder john bogle, and financier george soros were among the famous names to call for a tougher estate tax. their proposal would exempt couples with up to $4 million in assets from the estate tax. above that level, estates
and spending cuts thatake up the clf take efft, and today, there were few signs of progress. as darren gersh reports, the tone of the talks, if anything, is getting worse. >> reporter: house democratic leader nancy pelosi may just have a second career as a stock analyst. her commentary on the markets today was dead on. >> so far, they trust that we would not be so stupid as to go over a cliff. >> reporter: but pelosi made clear what everyone knows-- time is running out to reach a deal by christmas >> we really have to come to some agreement in the next couple of days or the very beginning of next week for us to have engineered our way to a solution. >> reporter: the fiscal cliff is really a negotiation between two men, and one of them today was not sounding very happy. house speaker john boehner brought out the charts to make his case. >> here we are at the eleventh hour, and the president still isn't serious about dealing with this issue right here. it's this issue-- spending. >> reporter: the president left his spokesman to respond that republicans were pushing a plan of fantasy economics
between the president and boehner in eight days. darren gersh has the latest. >> reporter: house speaker john boehner wasn't talking after meeting with the president today. but his offer to raise taxes on those making more than a million dollars a year was taken as a sign that some progress is being made to avoid the fiscal cliff. former clinton budget director alice rivlin expects the final deal will play out in two steps. first the president and the speaker agree on some numbers. >> how much do we need over ten years from taxes and some specifics about how we get them. but not too many. and how much do we need to take out of the major entitlement programs to slow the growth and then they will kick it to the next congress-- but not kick it so much as instruct the next congress to bring back a plan that will meet those numbers. >> reporter: entitlement spending is a key sticking point. republicans complain democrats have already ruled out savings from social security and they are taking many options for medicare savings off the table. >> from a republican point of view, wanting something
the pieces back together in the new year. darren gersh, "n.b.r.," washingt. >> susie: well, roger altman is confident democrats and republicans will strike a deal and avoid falling off the fiscal cliff. he was deputy treasury secretary in the clinton administration and is now executive chairman and founder of evercore partners. >> susie: roger, so great to have you back on "nightly business report." >> thank you, susie. >> susie: nice to see you. why are you so optmistic there is going to be a fiscal cliff deal? >> i would cite two broad reasons, and then a few reasons specific to the negotiations. first on the broadside, the financial markets, as we've all seen over the past seven to nine days, especially the equity markets, have been rallying strongly in anticipation of an agreement. they're looking right past the fiscal cliff towards improved economic growth in 2013 and 2014. of course, they can be wrong, but on something of this magnitude, they rarely are wrong. second, i think the cost of failure, for both sides, the president and the democrats, and, of urs the republicans, especial
, as darren gersh reports, there are some signs the two sides are narrowing their differences. >> reporter: house republicans say they're still working on plan a: a big agreement with the president to cut spending and raise revenues, but they were pushing plan b today-- a tax hike for those making more than a million dollars. >> tomorrow the house will pass legislation to make permanent tax relief for nearly every american. 99.81% of the american people. then the president will have a decision to make. he can call on the senate democrats to pass that bill or he can be responsible for the largest tax increase in american history. >> reporter: hours before the speaker issued his challenge, the president said the two sides were not that far apart. just few more stepshe president suggested and republicans would have a deal in hand to tame the deficit for a decade. >> that is a significant achievement for them. they should be proud of it. but they keep on finding ways to say "no" as opposed to finding ways to say "yes." and i don't know how much of that has to do with it is very hard for them t
the fiscal cliff hit an impasse. darren gersh reports. >> reporter: as washington looks over the edge of the fiscal cliff, democrats and republicans were throwing elbows and getting personal. speaker boehner explained why he pushed the house to vote on a republican plan "b" tonight. >> i did my part, they did nothing. and frankly, i'm convinced that the president is unwilling to stand up to his own party on the big issues that face our country. time is running short. the house will act today, and then it will be up to senate democrats and the president to act. >> reporter: the white house has already declared plan "b" dead and buried, branding it a multi- day exercise in futility. >> it's proposals would give, on average, a tax cut for millionaires and billionaires of $50,000, hardly what the american people thought they were getting as a result of the debates and of the election. >> reporter: there are many scenarios that lead to the fiscal cliff and even over it. but here's what plan "b" could do. it could put more pressure on the senate to respond to house republicans, perhaps push
-- if not resolving the fiscal cliff, at least trying to avoid the blame. darren gersh, nbr, washington. >> susie: going over the fiscal cliff will not only have an impact on the national level, it will also hit states and eventually cities. if lawmakers fail to reach a deal before january 1, the cliff's across the board spending cuts and tax increases will impact how much money states get from the federal government. ruben ramirez reports from washington. >> reporter: we all know the numbers. failing to reach a deal by january 1 will result in $109 billion in automatic cuts to federal spending. and while that's a big number, what matters most to states and municipalities is the small print, detailing just where those cuts will happen. and standard & poors' gabe pettek says those details could still be months away. >> even if the policymakers in washington, d.c., resolve the immediate issue before january 1 or shortly thereafter, we think there are going to be several details related to the administration of tax policy and the way the federal government spends money that will have an important ef
to washington. and hopes for a deal by the december 31 deadline are fading. darren gersh reports. >> reporter: the odds of avoiding the fiscal cliff did not get any better over the holiday. staff discussions continue, but there were few signs much, if anything has been accomplished. the house isn't even scheduled to return to washington yet, leaving it up to the senate to act. >> this is a senate that is incredibly divided, hopelessly partisan, requires 60 votes to do anything and somehow, we are going to be relying on them to in five days, come up with a compromise which is acceptable where a compromise wasn't acceptable in four years. >> reporter: it now looks like some kind of fall over the cliff is the likeliest scenario. and depending on how long it lasts, it could signal a prolonged fight over the debt limit that could spook markets again in february. >> the republicans are going to be defeated coming out of this fiscal cliff fight. and i think that they are just not going to go along with raising the debt ceiling unless they get something for it. and if the president is not prepared to
on a fiscal cliff deal? darren gersh reports. >> reporter: here is a measure of how bad things are now in washington. markets rallied on news the house will come back to work on sunday, even though there is no solution ready for lawmakers when they return. and in the senate, which is back at work, republican leader mitch mcconnell warned he would not write a blank check to the white house, though he said he would keep an open mind on anything the president proposes. >> it appears to me the action, if there is any, is now in the senate side and we'll just have to see if we're able, on a bipartisan basis to move forward. >> reporter: senate majority leader harry reid said he too would try to reach agreement. but that was after spending most of the day hammering away at house republicans. reid blamed the current stand off on the inability of house republicans to pass their own plan which would have extended tax breaks for everyone making less than a million dollars a year. >> it's the mother of all debacles. that was brought up in an effort to send us something. he couldn't even pass it a
agreement-- being reached before the year ends. darren gersh has the latest. >> reporter: 'twas the night before christmas, and all through the house, nothing much was going on. it was the same story in the senate. washington's cliff talks still remain deadlocked. congress will return on thursday, and it's still possible a few days of holiday cheer and constituent outrage may push republicans and democrats to craft a last-minute agreement to avoid the worst of the fiscal cliff. if we do go over the cliff, the i.r.s. has warned most taxpayers may not be able to file their returns until late march. that would mean long delays for many tax refunds. and economists warn the economic effects will be felt quickly if $600 billion in automatic tax increases and spending cuts begin to take effect next year. at this rate, it looks like lawmakers will celebrate new year's eve at work-- if not resolving the fiscal cliff, at least trying to avoid the blame. darren gersh, nbr, washington. >> susie: going over the fiscal cliff will not only have an impact on the national level, it will also hit states an
. the white house immediately rejected it. darren gersh reports. >> reporter: house speaker john boehner says the president is asking for about half a trillion dollars more in taxes than he is willing to cut from spending. that means the two sides have narrowed their differences, but the speaker says not enough progress has been made to call it a deal. so he is making other plans. >> our plan b would protect american taxpayers who make a million dollars or less and have all of their current rates extended. >> reporter: while the speaker prepares his back-up plan, the outlines of a grand bargain with the president are becoming clearer. both sides look ready to adopt a new inflation indicator that better measures the way consumers shift their purchases when prices rise. >> this is a technical adjustment that supporters of it and outside economists say is meant to make the government's estimates of inflation more accurate. >> reporter: that switch to a chained consumer price index would reduce future benefits for social security, and it would affect the way the i.r.s. sets tax brackets, a move t
Search Results 0 to 49 of about 77 (some duplicates have been removed)